Group 1 - The motorcycle is an important mode of transportation in India and Southeast Asia, while electric bicycles are particularly popular in Europe and Japan. The overseas electric two-wheeler market is in its early development stage, with major brands actively expanding their presence. Leading companies in China, Yadea and Aima, are making significant strides in establishing overseas factories and channels [1] - The trend of "oil to electric" is gaining momentum, supported by policies that favor the development of electric vehicles. The push for carbon neutrality benefits the electrification of motorcycles, as fuel-powered vehicles have higher pollution emissions and fuel prices are relatively high compared to electricity [1] - Southeast Asia is a major motorcycle market, with cities like Hanoi and Ho Chi Minh City proposing bans on motorcycles. Thailand has implemented a tax on motorcycles based on carbon emissions since January 2020, and Singapore aims to eliminate fuel vehicles by 2040. Vietnam has committed to achieving carbon neutrality by 2050, with electric vehicle infrastructure being prioritized [1] Group 2 - Electric two-wheelers have lower carbon emissions, reduced noise, and a wide range of energy sources, along with lower purchase and maintenance costs. High-end electric two-wheelers offer excellent smart features, and the performance gap between electric and fuel motorcycles is narrowing [2] - The rapid development of the electric vehicle industry will benefit the electric two-wheeler sector as the core components overlap, leading to a more mature supply chain and continuous technological upgrades [2] Group 3 - The market environment in India and Southeast Asia is similar to China's experience from 2000 to 2010, with urban expansion and insufficient infrastructure. In this context, electric two-wheelers are suitable for short-distance travel. In 2020, the average prices for motorcycles and scooters in Southeast Asia were approximately $4,010 and $1,310, respectively, while the average price for electric cars was $54,000 [3] - The purchasing power of residents in India and Southeast Asia aligns well with electric two-wheelers, making them a more accessible option [3] Group 4 - China's electric two-wheeler industry is expected to replicate the export trends seen in bicycles and motorcycles, capturing global demand. China has become the world's largest exporter of bicycles and motorcycles, with export ratios of 89% for bicycles in 2018 and 54%, 33%, and 35% for motorcycles from 2019 to 2021 [4] - The domestic electric two-wheeler market in China is mature, but export activities are just beginning, with only 5.2% of total shipments being exported in 2020. Leading electric two-wheeler companies in China have developed a robust supply chain and competitive advantages over years of domestic operations [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company is a well - known domestic manufacturer of mobile industrial vehicles, with strong advantages in electric forklifts and new - energy forklifts [25]. - The cooperation with Jungheinrich will help the company deepen its global multi - channel strategic layout, promote product upgrades centered on electrification and intelligent technologies, and strengthen its core competitiveness [31]. - In the context of the development of intelligent logistics, the company's X - Mover Banma robot has been applied in logistics company transfer centers, effectively improving handling efficiency [32]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Zhongli Co., Ltd., and the reception time is June 4, 2025. The company's reception personnel include the director, board secretary, deputy general manager Liao Fapei, the director and financial officer Wang Shifeng, and the securities affairs representative Wu Biqing [17]. 3.2. Detailed Research Institutions - The research institutions include GF Fund Management Co., Ltd. with representatives He Juewei, Zhang Yi, and Cao Yue, and Guotai Haitong Securities Co., Ltd. with representative Ouyang Tianyi [18]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **M&A Project Introduction**: The "Annual Production of 300,000 Storage Handling Equipment and 1,000,000 Sets of Mechanical Parts Processing, Intelligent Robot Manufacturing (Phase I)" and the "First - phase Project of Electric Forklift Assembly Production Line of Hubei Zhongli Machinery Co., Ltd." mainly produce electric forklifts. The "First - phase Project of Electric Forklift Parts Casting of Hubei Zhongli Foundry Co., Ltd." is a supporting link in the forklift industry chain. The "Mofu Intelligent (Anji) Research Institute Project" will upgrade and improve the company's R & D structure [22][23]. - **Company's Market Competitive Position**: The company is a well - known domestic manufacturer of mobile industrial vehicles. It has ranked first in the production and sales of electric storage forklifts for 12 consecutive years since 2013 and first in the production and sales of lithium - battery forklifts for 6 consecutive years since 2019 [25][26]. - **Introduction of "Oil - to - Electric" Forklifts**: The company's electric counterbalanced rider - type forklifts have an overall upward ranking. The "oil - to - electric" forklifts combine the advantages of internal combustion forklifts and electric forklifts, with features such as green environmental protection, low cost, and suitability for multiple scenarios [27][28]. - **Impact of Cooperation with Jungheinrich**: Jungheinrich is a global leader in material handling solutions. The cooperation will help the company deepen its global layout and strengthen its core competitiveness [29][31]. - **Intelligent Logistics Situation**: In the context of the development of intelligent logistics, intelligent industrial vehicle products are the trend. The company's X - Mover Banma robot has been applied in logistics company transfer centers, improving handling efficiency [32].

2024年，各类圆柱电池出货量显著增长。据起点研究院(SPIR)统计，2024年1-9月全球圆柱电池出货量达到115亿只，预计全年将达145亿只， 同比增长超11.9%，其中32/40/46系等大圆柱电池增速超50%。 在两轮车领域 ，实际上，早在2020年，国轩高科就与滴滴出行签订战略合作协议，大规模入局共享电单车领域，采用的就是32系列圆柱电池。 2024年以来，一系列提升电动自行车安全性的政策密集出台，如锂电池国强标修订、3C认证、企业白名单等。随着电动自行车安全隐患全链条 整治在全国范围内启动，电动自行车行业合规发展已是大势所趋，将极大地刺激两轮车锂电市场快速发展，两轮车锂电市场即将迎来新一轮发 展机遇。 其中前三季度，40系列圆柱电池出货0.55亿只，同比增长90%，32系列圆柱电池出货0.8亿只，同比增长14.29%，其他包括26系列、46系列、 60系列、66系圆柱电池出货3.92亿只，同比增长70.4%。 主要应用场景为两轮车、三轮车、共享换电、便携式电源、户用储能等市场。 近日，起点圆柱电池寻访团走进国轩高科，与 国轩高科中国业务副总裁徐兴无 就大圆柱相关话题进行深度交流。 作为坚定的"圆柱 ...